ST. LOUIS, May 9, 2022 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) today announced results for the second fiscal quarter ended March 31, 2022.
"I would like to recognize all Energizer colleagues around the world for their dedication to delivering another successful quarter. Our top-line performance exceeded expectations driven by successful pricing execution across our brands and strong organic growth in our auto care business," said Mark LaVigne, Chief Executive Officer. "Through pricing actions and improved supply chain performance, we continue to offset inflationary cost pressures and improve speed to market. As a result, we are increasing our outlook for top-line growth for the fiscal year while maintaining our outlook for adjusted earnings per share and EBITDA."
Top-Line Performance
For the quarter, we had Net sales of $685.4 million compared to $685.1 million in the prior year period.
Second Quarter |
% Chg |
||
Net sales - FY'21 |
$ 685.1 |
||
Organic |
8.7 |
1.3% |
|
Change in Argentina |
1.4 |
0.2% |
|
Impact of currency |
(9.8) |
(1.5)% |
|
Net sales - FY'22 |
$ 685.4 |
—% |
_______________________________ |
1) See Press Release attachments and supplemental schedules for additional information, including the GAAP and Non-GAAP reconciliations. |
Gross margin on a reported basis was 34.8% versus 39.5% in the prior year. Excluding the current year costs from exiting the Russian market and the prior year costs related to acquisition and integration, adjusted gross margin was 34.9%, down 560 basis points from the prior year.
Second Quarter |
||
Adjusted gross margin - FY'21 (1) |
40.5% |
|
Product cost impacts |
(8.6)% |
|
Pricing |
2.9% |
|
Currency impact and other |
0.1% |
|
Adjusted gross margin - FY'22 (1) |
34.9% |
The Gross margin decrease was largely driven by a continuation of higher operating costs, including transportation, material and labor, consistent with ongoing inflationary trends. Partially offsetting these margin impacts was the positive impact of executed price increases in battery and auto care.
Selling, General and Administrative Expense (SG&A)
SG&A, excluding current year costs from exiting Russia and acquisition and integration costs in the prior year, for the second quarter was 17.2% of Net sales, or $117.6 million, compared to 16.7%, or $114.1 million in the prior year. The increase was primarily driven by higher IT spending related to our investment in digital transformation.(1)
Advertising and Promotion Expense (A&P)
A&P was 2.9% of net sales for the second fiscal quarter, compared to 4.0% in the prior year or a $7.5 million decline due to timing of planned current year spend.
Earnings Per Share and Adjusted EBITDA |
Second Quarter |
||
(In millions, except per share data) |
2022 |
2021 |
|
Net earnings/(loss) |
$ 19.0 |
$ (10.2) |
|
Diluted net earnings/(loss) per common share |
$ 0.27 |
$ (0.21) |
|
Adjusted net earnings(1) |
$ 33.3 |
$ 56.8 |
|
Adjusted diluted net earnings per common share(1) |
$ 0.47 |
$ 0.77 |
|
Adjusted EBITDA(1) |
$ 114.6 |
$ 147.6 |
The changes in Adjusted EBITDA and Adjusted diluted net earnings per common share for the quarter reflect higher input costs which compressed the current period gross margin and slightly higher SG&A, partially offset by lower A&P spending. Adjusted diluted net earnings per common share benefited from lower interest and taxes in the current quarter as well.
Continued Return of Capital
Financial Outlook and Assumptions for Fiscal Year 2022(1)
We are increasing our previously communicated full year Net sales outlook to low single digit growth as we have delivered a strong first half performance and executed pricing initiatives across the globe which should further benefit sales. The current operating environment remains volatile, but as a result of our pricing actions and cost management efforts we are reaffirming our guidance for Adjusted earnings per share of $3.00 to $3.30 and Adjusted EBITDA of $560 million to $590 million.
Webcast Information
In conjunction with this announcement, the Company will hold an investor conference call beginning at 10:00 a.m. Eastern Time today. The call will focus on second fiscal quarter earnings and recent trends in the business. All interested parties may access a live webcast of this conference call at www.energizerholdings.com, under "Investors" and "Events and Presentations" tabs or by using the following link:
https://app.webinar.net/D0QMBOalv1d
For those unable to participate during the live webcast, a replay will be available on www.energizerholdings.com, under "Investors," "Events and Presentations," and "Past Events" tabs.
This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future sales, gross margins, costs, earnings, cash flows, tax rates and performance of the Company, as well as the Company's entrance into an accelerated share repurchase program. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "intend," "belief," "estimate," "plan," "target," "predict," "likely," "should," "forecast," "outlook," or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation:
In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of any such forward-looking statements. The list of factors above is illustrative, but by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Additional risks and uncertainties include those detailed from time to time in our publicly filed documents, including those described under the heading "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission on November 16, 2021.
ENERGIZER HOLDINGS, INC. |
|||||||
For the Quarter Ended |
For the Six Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net sales |
$ 685.4 |
$ 685.1 |
$ 1,531.7 |
$ 1,533.7 |
|||
Cost of products sold (1) |
447.0 |
414.6 |
981.7 |
925.3 |
|||
Gross profit |
238.4 |
270.5 |
550.0 |
608.4 |
|||
Selling, general and administrative expense (1) |
123.4 |
123.8 |
245.5 |
247.9 |
|||
Advertising and sales promotion expense |
19.6 |
27.1 |
71.3 |
76.7 |
|||
Research and development expense (1) |
7.9 |
9.0 |
16.8 |
16.6 |
|||
Amortization of intangible assets |
15.2 |
15.3 |
30.4 |
30.8 |
|||
Interest expense |
38.3 |
39.1 |
75.3 |
86.4 |
|||
Loss on extinguishment of debt (2) |
— |
70.0 |
— |
75.7 |
|||
Other items, net (1) |
6.0 |
(0.1) |
6.2 |
0.7 |
|||
Earnings/(loss) before income taxes |
28.0 |
(13.7) |
104.5 |
73.6 |
|||
Income tax provision/(benefit) |
9.0 |
(3.5) |
25.5 |
16.7 |
|||
Net earnings/(loss) |
19.0 |
(10.2) |
79.0 |
56.9 |
|||
Mandatory preferred stock dividends |
— |
(4.1) |
(4.0) |
(8.1) |
|||
Net earnings/(loss) attributable to common shareholders |
$ 19.0 |
$ (14.3) |
$ 75.0 |
$ 48.8 |
|||
Basic net earnings/(loss) per common share |
$ 0.27 |
$ (0.21) |
$ 1.09 |
$ 0.71 |
|||
Diluted net earnings(loss) per common share (3) |
$ 0.27 |
$ (0.21) |
$ 1.09 |
$ 0.71 |
|||
Weighted average shares of common stock - Basic |
70.4 |
68.4 |
68.6 |
68.5 |
|||
Weighted average shares of common stock - Diluted (3) |
71.6 |
68.4 |
69.0 |
68.8 |
(1) |
See the attached Supplemental Schedules - Non-GAAP Reconciliations, which break out the costs from exiting the Russian market and the Acquisition and integration related costs included within these lines. |
(2) |
The Loss on the extinguishment of debt for the quarter and six months ended March 31, 2021 related to the Company's term loan refinancing in December 2020 and the redemption of the $600.0 million Senior Notes due in 2027 in January 2021. |
(3) |
During the quarter ended March 31, 2022, the mandatory convertible preferred shares were converted to approximately 4.7 million common stock. For the quarter ended March 31, 2021 and for the six months ended March 31, 2022 and 2021, the conversion of the mandatory convertible preferred shares was anti-dilutive and the mandatory preferred stock dividends are included in the dilution calculation. |
ENERGIZER HOLDINGS, INC. |
|||
Assets |
March 31, |
September 30, |
|
Current assets |
|||
Cash and cash equivalents |
$ 213.2 |
$ 238.9 |
|
Trade receivables |
335.9 |
292.9 |
|
Inventories |
854.0 |
728.3 |
|
Other current assets |
190.9 |
179.4 |
|
Total current assets |
$ 1,594.0 |
$ 1,439.5 |
|
Property, plant and equipment, net |
386.2 |
382.9 |
|
Operating lease assets |
106.8 |
112.3 |
|
Goodwill |
1,048.5 |
1,053.8 |
|
Other intangible assets, net |
1,840.9 |
1,871.3 |
|
Deferred tax asset |
21.3 |
21.7 |
|
Other assets |
162.2 |
126.0 |
|
Total assets |
$ 5,159.9 |
$ 5,007.5 |
|
Liabilities and Shareholders' Equity |
|||
Current liabilities |
|||
Current maturities of long-term debt |
$ 12.0 |
$ 12.0 |
|
Current portion of capital leases |
2.0 |
2.3 |
|
Notes payable |
1.2 |
105.0 |
|
Accounts payable |
383.1 |
454.8 |
|
Current operating lease liabilities |
15.8 |
15.5 |
|
Other current liabilities |
324.4 |
356.8 |
|
Total current liabilities |
$ 738.5 |
$ 946.4 |
|
Long-term debt |
3,592.6 |
3,333.4 |
|
Operating lease liabilities |
96.2 |
102.3 |
|
Deferred tax liability |
102.1 |
91.3 |
|
Other liabilities |
169.2 |
178.4 |
|
Total liabilities |
$ 4,698.6 |
$ 4,651.8 |
|
Shareholders' equity |
|||
Common stock |
0.8 |
0.7 |
|
Mandatory convertible preferred stock |
— |
— |
|
Additional paid-in capital |
844.4 |
832.0 |
|
Retained earnings |
27.9 |
(5.0) |
|
Treasury stock |
(249.8) |
(241.6) |
|
Accumulated other comprehensive loss |
(162.0) |
(230.4) |
|
Total shareholders' equity |
$ 461.3 |
$ 355.7 |
|
Total liabilities and shareholders' equity |
$ 5,159.9 |
$ 5,007.5 |
ENERGIZER HOLDINGS, INC. |
|||
For the Six Months Ended March 31, |
|||
2022 |
2021 |
||
Cash Flow from Operating Activities |
|||
Net earnings |
$ 79.0 |
$ 56.9 |
|
Non-cash integration and restructuring charges |
3.0 |
3.5 |
|
Depreciation and amortization |
58.6 |
58.7 |
|
Deferred income taxes |
0.3 |
2.1 |
|
Share-based compensation expense |
6.4 |
9.4 |
|
Loss on extinguishment of debt |
— |
75.7 |
|
Non-cash charges for exiting the Russian market |
13.4 |
— |
|
Non-cash items included in income, net |
7.8 |
10.8 |
|
Other, net |
(3.7) |
(0.3) |
|
Changes in current assets and liabilities used in operations |
(273.5) |
(204.4) |
|
Net cash (used by)/from operating activities |
(108.7) |
12.4 |
|
Cash Flow from Investing Activities |
|||
Capital expenditures |
(45.9) |
(19.2) |
|
Proceeds from sale of assets |
0.1 |
0.1 |
|
Acquisitions, net of cash acquired and working capital settlements |
0.4 |
(67.1) |
|
Net cash used by investing activities |
(45.4) |
(86.2) |
|
Cash Flow from Financing Activities |
|||
Cash proceeds from issuance of debt with original maturities greater than 90 days |
300.0 |
1,200.0 |
|
Payments on debt with maturities greater than 90 days |
(7.2) |
(1,983.9) |
|
Net (decrease)/increase in debt with original maturities of 90 days or less |
(102.2) |
88.1 |
|
Premiums paid on extinguishment of debt |
— |
(122.5) |
|
Debt issuance costs |
(7.3) |
(17.7) |
|
Payment of contingent consideration |
— |
(3.9) |
|
Dividends paid on common stock |
(42.8) |
(43.3) |
|
Dividends paid on mandatory convertible preferred stock |
(8.0) |
(8.1) |
|
Common stock purchased |
— |
(21.3) |
|
Taxes paid for withheld share-based payments |
(2.3) |
(6.7) |
|
Net cash from/(used by) financing activities |
130.2 |
(919.3) |
|
Effect of exchange rate changes on cash |
(1.8) |
4.3 |
|
Net decrease in cash, cash equivalents, and restricted cash |
(25.7) |
(988.8) |
|
Cash, cash equivalents, and restricted cash, beginning of period |
238.9 |
1,249.8 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ 213.2 |
$ 261.0 |
ENERGIZER HOLDINGS, INC. Reconciliation of GAAP and Non-GAAP Measures For the Quarter and Six Months Ended March 31, 2022
The Company reports its financial results in accordance with accounting principles generally accepted in the U.S. ("GAAP"). However, management believes that certain non-GAAP financial measures provide users with additional meaningful comparisons to the corresponding historical or future period. These non-GAAP financial measures exclude items that are not reflective of the Company's on-going operating performance, such as acquisition and integration costs, an acquisition earn out, the costs of exiting the Russian market and the loss on extinguishment of debt. In addition, these measures help investors to analyze year over year comparability when excluding currency fluctuations as well as other Company initiatives that are not on-going. We believe these non-GAAP financial measures are an enhancement to assist investors in understanding our business and in performing analysis consistent with financial models developed by research analysts. Investors should consider non-GAAP measures in addition to, not as a substitute for, or superior to, the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in methods and in the items being adjusted.
We provide the following non-GAAP measures and calculations, as well as the corresponding reconciliation to the closest GAAP measure in the following supplemental schedules:
Segment Profit. This amount represents the operations of our two reportable segments including allocations for shared support functions. General corporate and other expenses, amortization expense, interest expense, loss on extinguishment of debt, other items, net, the charges related to acquisition and integration costs, including restructuring charges, an acquisition earn out and the costs of exiting the Russian market have all been excluded from segment profit.
Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Common Share (EPS). These measures exclude the impact of the costs related to acquisition and integration, an acquisition earn out, the costs of exiting the Russian market and the loss on extinguishment of debt.
Non-GAAP Tax Rate. This is the tax rate when excluding the pre-tax impact of acquisition and integration costs, an acquisition earn out, the costs of exiting the Russian market and the loss on extinguishment of debt, as well as the related tax impact for these items, calculated utilizing the statutory rate for where the impact was incurred.
Organic. This is the non-GAAP financial measurement of the change in revenue or segment profit that excludes or otherwise adjusts for the change in Argentina operations and impact of currency from the changes in foreign currency exchange rates as defined below:
Change in Argentina Operations. The Company is presenting separately all changes in sales and segment profit from our Argentina affiliate due to the designation of the economy as highly inflationary as of July 1, 2018.
Impact of currency. The Company evaluates the operating performance of our Company on a currency neutral basis. The impact of currency is the difference between the value of current year foreign operations at the current period ending USD exchange rate, compared to the value of the current year foreign operations at the prior period ending USD exchange rate, as well as the impact of hedging on the currency fluctuation.
Adjusted Comparisons. Detail for adjusted gross profit, adjusted gross margin, adjusted SG&A, adjusted SG&A as percent of sales and adjusted Other items, net are also supplemental non-GAAP measure disclosures. These measures exclude the impact of costs related to acquisition and integration, an acquisition earn out and the costs of exiting the Russian market.
EBITDA and Adjusted EBITDA. EBITDA is defined as net earnings before income tax provision, interest, loss on extinguishment of debt and depreciation and amortization. Adjusted EBITDA further excludes the impact of the costs related to acquisition and integration, acquisition earn out, the costs of exiting the Russian market and share-based payments.
Energizer Holdings, Inc. Supplemental Schedules - Segment Information and Supplemental Sales Data For the Quarter and Six Months Ended March 31, 2022 (In millions - Unaudited)
As of October 1, 2021, the Company has changed its reportable segments from two geographical segments, previously Americas and International, to two product groupings, Battery & Lights and Auto Care. This change came with the completion of the Spectrum Holdings, Inc. Battery and Auto Care Acquisition integrations in the first fiscal quarter of 2022. The Company changed its reporting structure to better reflect what the chief operating decision maker is reviewing to make organizational decisions and resource allocations. The Company has recast the information for the quarter and six months ended March 31, 2021 to align with this presentation.
Energizer's operating model includes a combination of standalone and shared business functions between the product segments, varying by country and region of the world. Shared functions include the sales and marketing functions, as well as human resources, IT and finance shared service costs. Energizer applies a fully allocated cost basis, in which shared business functions are allocated between segments. Such allocations are estimates, and do not represent the costs of such services if performed on a standalone basis. Segment sales and profitability, as well as the reconciliation to earnings before income taxes for the quarters and six months ended March 31, 2022 and 2021, respectively, are presented below:
Quarters Ended March 31, |
Six Months Ended March 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net Sales |
|||||||
Batteries & Lights |
$ 516.5 |
$ 542.9 |
$ 1,256.7 |
$ 1,286.8 |
|||
Auto Care |
168.9 |
142.2 |
275.0 |
246.9 |
|||
Total net sales |
$ 685.4 |
$ 685.1 |
$ 1,531.7 |
$ 1,533.7 |
|||
Segment Profit |
|||||||
Batteries & Lights |
95.3 |
125.4 |
263.7 |
305.9 |
|||
Auto Care |
24.3 |
28.9 |
24.1 |
47.2 |
|||
Total segment profit |
$ 119.6 |
$ 154.3 |
$ 287.8 |
$ 353.1 |
|||
General corporate and other expenses (1) |
(25.6) |
(25.8) |
(47.3) |
(49.8) |
|||
Amortization of intangible assets |
(15.2) |
(15.3) |
(30.4) |
(30.8) |
|||
Acquisition and integration costs (2) |
— |
(16.8) |
(16.5) |
(35.1) |
|||
Acquisition earn out (3) |
— |
(1.1) |
(1.1) |
(1.1) |
|||
Loss on extinguishment of debt |
— |
(70.0) |
— |
(75.7) |
|||
Interest expense |
(38.3) |
(39.1) |
(75.3) |
(86.4) |
|||
Exit of Russian market (4) |
(14.0) |
— |
(14.0) |
— |
|||
Other items, net - Adjusted (5) |
1.5 |
0.1 |
1.3 |
(0.6) |
|||
Total earnings/(loss) before income taxes |
$ 28.0 |
$ (13.7) |
$ 104.5 |
$ 73.6 |
(1) |
Recorded in SG&A on the Consolidated (Condensed) Statement of Earnings. |
(2) |
See the Supplemental Schedules - Non-GAAP Reconciliations for the line items where these charges are recorded in the Consolidated (Condensed) Statement of Earnings. |
(3) |
This represents the earn out achieved through March 31, 2021 under the incentive agreements entered into with the fiscal 2021 acquisition of a formulations company, and is recorded in SG&A on the Consolidated (Condensed) Statement of Earnings. |
(4) |
These are the costs associated with the exit of the Russian market during the second quarter of fiscal 2022. See the Supplemental Non-GAAP reconciliation for the line items where these charges are recorded in the Consolidated (Condensed) Statement of Earnings. |
(5) |
See the Supplemental Non-GAAP reconciliation for the Other items, net reconciliation between the reported and adjusted balances. |
Supplemental segment information is presented below for depreciation and amortization:
Energizer Holdings, Inc. |
|||||||
Quarters Ended March 31, |
Six Months Ended March 31, |
||||||
Depreciation and amortization |
2022 |
2021 |
2022 |
2021 |
|||
Batteries & Lights |
$ 11.7 |
$ 11.9 |
$ 23.9 |
$ 23.9 |
|||
Auto Care |
2.3 |
1.7 |
4.3 |
4.0 |
|||
Total segment depreciation and amortization |
$ 14.0 |
$ 13.6 |
$ 28.2 |
$ 27.9 |
|||
Amortization of intangible assets |
15.2 |
15.3 |
30.4 |
30.8 |
|||
Total depreciation and amortization |
$ 29.2 |
$ 28.9 |
$ 58.6 |
$ 58.7 |
Energizer Holdings, Inc. |
|||||||
The following tables provide a reconciliation of Net earnings and Diluted net earnings per common share to Adjusted net |
|||||||
For the Quarters Ended |
For the Six Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net earnings/(loss) attributable to common shareholders |
$ 19.0 |
$ (14.3) |
$ 75.0 |
$ 48.8 |
|||
Mandatory preferred stock dividends |
— |
(4.1) |
(4.0) |
(8.1) |
|||
Net earnings/(loss) |
19.0 |
(10.2) |
79.0 |
56.9 |
|||
Pre-tax adjustments |
|||||||
Acquisition and integration (1) |
— |
16.8 |
16.5 |
35.1 |
|||
Acquisition earn out |
— |
1.1 |
1.1 |
1.1 |
|||
Loss on extinguishment of debt |
— |
70.0 |
— |
75.7 |
|||
Exit of Russian market (1) |
14.0 |
— |
14.0 |
— |
|||
Total adjustments, pre-tax |
$ 14.0 |
$ 87.9 |
$ 31.6 |
$ 111.9 |
|||
After tax adjustments |
|||||||
Acquisition and integration |
— |
12.9 |
13.0 |
27.3 |
|||
Acquisition earn out |
— |
0.8 |
0.8 |
0.8 |
|||
Loss on extinguishment of debt |
— |
53.3 |
— |
58.0 |
|||
Exit of Russian market (1) |
14.3 |
— |
14.3 |
— |
|||
Total adjustments, after tax |
$ 14.3 |
$ 67.0 |
$ 28.1 |
$ 86.1 |
|||
Adjusted net earnings (2) |
$ 33.3 |
$ 56.8 |
$ 107.1 |
$ 143.0 |
|||
Mandatory preferred stock dividends |
— |
(4.1) |
(4.0) |
(8.1) |
|||
Adjusted net earnings attributable to common shareholders |
$ 33.3 |
$ 52.7 |
$ 103.1 |
$ 134.9 |
|||
Diluted net earnings/(loss) per common share |
$ 0.27 |
$ (0.21) |
$ 1.09 |
$ 0.71 |
|||
Adjustments |
|||||||
Acquisition and integration |
— |
0.19 |
0.18 |
0.37 |
|||
Acquisition earn out |
— |
0.01 |
0.01 |
0.01 |
|||
Loss on extinguishment of debt |
— |
0.78 |
— |
0.79 |
|||
Exit of Russian market (1) |
0.20 |
— |
0.20 |
— |
|||
Impact for diluted share calculation (3) |
— |
— |
0.01 |
0.07 |
|||
Adjusted diluted net earnings per diluted common share (3) |
$ 0.47 |
$ 0.77 |
$ 1.49 |
$ 1.95 |
|||
Weighted average shares of common stock - Diluted |
71.6 |
68.4 |
69.0 |
68.8 |
|||
Adjusted Weighted average shares of common stock - Diluted (3) |
71.6 |
68.6 |
71.8 |
73.4 |
(1) |
See Supplemental Schedules - Non-GAAP Reconciliations for the line items where these costs are recorded on the unaudited Consolidated (Condensed) Statement of Earnings. |
(2) |
The effective tax rate for the Adjusted - Non-GAAP Earnings and Diluted EPS for the quarters ended March 31, 2022 and 2021 was 20.7% and 23.5%, respectively, and for the six months ended March 31, 2022 and 2021 was 21.3% and 22.9%, respectively, as calculated utilizing the statutory rate for where the costs were incurred. |
(3) |
During the quarter ended March 31, 2022, the mandatory convertible preferred shares were converted to approximately 4.7 million common stock. For the six months ended March 31, 2022, the full conversion was dilutive and the mandatory preferred stock dividends are excluded from net earnings in the Adjusted dilution calculation. |
For the quarter ended March 31, 2021, the Adjusted Weighted average shares of common stock - Diluted includes the dilutive impact of our outstanding performance shares, restricted stock and mandatory preferred stock dividends as they are dilutive to the calculation. The conversion of the mandatory convertible preferred stock was not dilutive for the quarter ended March 31, 2021. For the six months ended March 31, 2021, the diluted net earnings per common share is assuming the conversion of the mandatory convertible preferred stock to 4.6 million shares of common stock, and excluding the mandatory preferred stock dividends from net earnings.
Energizer Holdings, Inc. |
|||||||||||
Net sales |
Q1'22 |
% Chg |
Q2'22 |
% Chg |
Six Months |
% Chg |
|||||
Batteries & Lights |
|||||||||||
Net sales - prior year |
$ 743.9 |
$ 542.9 |
$ 1,286.8 |
||||||||
Organic |
(1.7) |
(0.2)% |
(18.9) |
(3.5)% |
$ (20.6) |
(1.6)% |
|||||
Change in Argentina |
2.4 |
0.3% |
1.4 |
0.3% |
$ 3.8 |
0.3% |
|||||
Impact of currency |
(4.4) |
(0.6)% |
(8.9) |
(1.7)% |
$ (13.3) |
(1.0)% |
|||||
Net sales - current year |
$ 740.2 |
(0.5)% |
$ 516.5 |
(4.9)% |
$ 1,256.7 |
(2.3)% |
|||||
Auto Care |
|||||||||||
Net sales - prior year |
$ 104.7 |
$ 142.2 |
$ 246.9 |
||||||||
Organic |
1.4 |
1.3% |
27.6 |
19.4% |
$ 29.0 |
11.7% |
|||||
Impact of currency |
— |
—% |
(0.9) |
(0.6)% |
$ (0.9) |
(0.3)% |
|||||
Net sales - current year |
$ 106.1 |
1.3% |
$ 168.9 |
18.8% |
$ 275.0 |
11.4% |
|||||
Total Net Sales |
|||||||||||
Net sales - prior year |
$ 848.6 |
$ 685.1 |
$ 1,533.7 |
||||||||
Organic |
(0.3) |
—% |
8.7 |
1.3% |
$ 8.4 |
0.5% |
|||||
Change in Argentina |
2.4 |
0.3% |
1.4 |
0.2% |
$ 3.8 |
0.2% |
|||||
Impact of currency |
(4.4) |
(0.6)% |
(9.8) |
(1.5)% |
$ (14.2) |
(0.8)% |
|||||
Net sales - current year |
$ 846.3 |
(0.3)% |
$ 685.4 |
—% |
$ 1,531.7 |
(0.1)% |
Energizer Holdings, Inc. |
|||||||||||
Segment profit |
Q1'22 |
% Chg |
Q2'22 |
% Chg |
Six Months |
% Chg |
|||||
Batteries & Lights |
|||||||||||
Segment profit - prior year |
$ 180.5 |
$ 125.4 |
$ 305.9 |
||||||||
Organic |
(15.9) |
(8.8)% |
(27.3) |
(21.8)% |
(43.2) |
(14.1)% |
|||||
Change in Argentina |
3.0 |
1.7% |
1.1 |
0.9% |
4.1 |
1.3% |
|||||
Impact of currency |
0.8 |
0.4% |
(3.9) |
(3.1)% |
(3.1) |
(1.0)% |
|||||
Segment profit - current year |
$ 168.4 |
(6.7)% |
$ 95.3 |
(24.0)% |
$ 263.7 |
(13.8)% |
|||||
Auto Care |
|||||||||||
Segment profit - prior year |
$ 18.3 |
$ 28.9 |
$ 47.2 |
||||||||
Organic |
(18.4) |
(100.5)% |
(4.0) |
(13.8)% |
(22.4) |
(47.5)% |
|||||
Impact of currency |
(0.1) |
(0.6)% |
(0.6) |
(2.1)% |
$ (0.7) |
(1.4)% |
|||||
Segment profit - current year |
$ (0.2) |
(101.1)% |
$ 24.3 |
(15.9)% |
$ 24.1 |
(48.9)% |
|||||
Total Segment Profit |
|||||||||||
Segment profit - prior year |
$ 198.8 |
$ 154.3 |
$ 353.1 |
||||||||
Organic |
(34.3) |
(17.3)% |
(31.3) |
(20.3)% |
(65.6) |
(18.6)% |
|||||
Change in Argentina |
3.0 |
1.5% |
1.1 |
0.7% |
4.1 |
1.2% |
|||||
Impact of currency |
0.7 |
0.4% |
(4.5) |
(2.9)% |
(3.8) |
(1.1)% |
|||||
Segment profit - current year |
$ 168.2 |
(15.4)% |
$ 119.6 |
(22.5)% |
$ 287.8 |
(18.5)% |
Energizer Holdings, Inc. |
|||||||||
Gross profit |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Net sales |
$ 846.3 |
$ 685.4 |
$ 848.6 |
$ 685.1 |
$ 1,531.7 |
$ 1,533.7 |
|||
Cost of products sold - adjusted |
528.7 |
446.3 |
503.0 |
407.3 |
975.0 |
910.3 |
|||
Adjusted Gross profit |
$ 317.6 |
$ 239.1 |
$ 345.6 |
$ 277.8 |
$ 556.7 |
$ 623.4 |
|||
Adjusted Gross margin |
37.5% |
34.9% |
40.7% |
40.5% |
36.3% |
40.6% |
|||
Acquisition and integration costs |
6.0 |
— |
7.7 |
7.3 |
6.0 |
15.0 |
|||
Exit of Russian market |
— |
0.7 |
— |
— |
0.7 |
— |
|||
Reported Cost of products sold |
534.7 |
447.0 |
510.7 |
414.6 |
981.7 |
925.3 |
|||
Gross profit |
$ 311.6 |
$ 238.4 |
$ 337.9 |
$ 270.5 |
$ 550.0 |
$ 608.4 |
|||
Gross margin |
36.8% |
34.8% |
39.8% |
39.5% |
35.9% |
39.7% |
|||
SG&A |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Segment SG&A |
$ 89.9 |
$ 92.0 |
$ 89.7 |
$ 88.3 |
$ 181.9 |
$ 178.0 |
|||
Corporate SG&A |
21.7 |
25.6 |
24.0 |
25.8 |
47.3 |
49.8 |
|||
SG&A Adjusted - subtotal |
$ 111.6 |
$ 117.6 |
$ 113.7 |
$ 114.1 |
$ 229.2 |
$ 227.8 |
|||
SG&A Adjusted % of Net sales |
13.2% |
17.2% |
13.4% |
16.7% |
15.0% |
14.9% |
|||
Acquisition and integration costs |
9.4 |
— |
10.4 |
8.6 |
9.4 |
19.0 |
|||
Acquisition earn out |
1.1 |
— |
— |
1.1 |
1.1 |
1.1 |
|||
Exit of Russian market |
— |
5.8 |
— |
— |
5.8 |
— |
|||
Reported SG&A |
$ 122.1 |
$ 123.4 |
$ 124.1 |
$ 123.8 |
$ 245.5 |
$ 247.9 |
|||
Reported SG&A % of Net sales |
14.4% |
18.0% |
14.6% |
18.1% |
16.0% |
16.2% |
|||
Other items, net |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Interest income |
$ (0.2) |
$ (0.3) |
$ (0.1) |
$ (0.2) |
$ (0.5) |
$ (0.3) |
|||
Foreign currency exchange loss |
1.3 |
(0.1) |
1.3 |
0.5 |
1.2 |
1.8 |
|||
Pension benefit other than service costs |
(1.1) |
(1.1) |
(0.5) |
(0.5) |
(2.2) |
(1.0) |
|||
Other |
0.2 |
— |
— |
0.1 |
0.2 |
0.1 |
|||
Other items, net - Adjusted |
$ 0.2 |
$ (1.5) |
$ 0.7 |
$ (0.1) |
$ (1.3) |
$ 0.6 |
|||
Exit of Russian market |
— |
7.5 |
— |
— |
7.5 |
— |
|||
Other |
— |
— |
0.1 |
— |
— |
0.1 |
|||
Total Other items, net |
$ 0.2 |
$ 6.0 |
$ 0.8 |
$ (0.1) |
$ 6.2 |
$ 0.7 |
|||
Acquisition and integration |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Cost of products sold |
$ 6.0 |
$ — |
$ 7.7 |
$ 7.3 |
$ 6.0 |
$ 15.0 |
|||
SG&A |
9.4 |
— |
10.4 |
8.6 |
9.4 |
19.0 |
|||
Research and development |
1.1 |
— |
0.1 |
0.9 |
1.1 |
1.0 |
|||
Other items, net |
— |
— |
0.1 |
— |
— |
0.1 |
|||
Acquisition and integration related items |
$ 16.5 |
$ — |
$ 18.3 |
$ 16.8 |
$ 16.5 |
$ 35.1 |
Energizer Holdings, Inc. |
|||||||||||
Q2'22 |
Q1'22 |
Q4'21 |
Q3'21 |
LTM 03/31/22 (1) |
Q2'21 |
||||||
Net earnings/(loss) |
$ 19.0 |
$ 60.0 |
$ 83.2 |
$ 20.8 |
$ 183.0 |
$ (10.2) |
|||||
Income tax provision/(benefit) |
9.0 |
16.5 |
(26.2) |
2.8 |
2.1 |
(3.5) |
|||||
Earnings/(loss) before income taxes |
28.0 |
76.5 |
57.0 |
23.6 |
185.1 |
(13.7) |
|||||
Interest expense |
38.3 |
37.0 |
36.8 |
38.6 |
150.7 |
39.1 |
|||||
Loss on extinguishment of debt |
— |
— |
— |
27.6 |
27.6 |
70.0 |
|||||
Depreciation & Amortization |
29.2 |
29.4 |
29.8 |
30.0 |
118.4 |
28.9 |
|||||
EBITDA |
$ 95.5 |
$ 142.9 |
$ 123.6 |
$ 119.8 |
$ 481.8 |
$ 124.3 |
|||||
Adjustments: |
|||||||||||
Acquisition and integration costs |
— |
16.5 |
14.3 |
19.5 |
50.3 |
16.8 |
|||||
Exit of Russian market |
14.0 |
— |
— |
— |
14.0 |
— |
|||||
Acquisition earn out |
— |
1.1 |
1.1 |
1.2 |
3.4 |
1.1 |
|||||
Share-based payments |
5.1 |
1.3 |
(3.1) |
3.9 |
7.2 |
5.4 |
|||||
Adjusted EBITDA |
$ 114.6 |
$ 161.8 |
$ 135.9 |
$ 144.4 |
$ 556.7 |
$ 147.6 |
|||||
(1) LTM defined as the latest 12 months for the period ending March 31, 2022. |
Energizer Holdings, Inc. |
|||||||
Fiscal Year 2022 Outlook Reconciliation - Adjusted earnings and diluted net earnings per common share -(EPS) |
|||||||
(in millions, except per share data) |
Adjusted Net earnings |
Adjusted EPS |
|||||
Fiscal Year 2022 - GAAP Outlook |
$187 |
to |
$210 |
$2.61 |
to |
$2.91 |
|
Impacts: |
|||||||
Acquisition and integration costs, net of tax benefit |
13 |
to |
13 |
0.18 |
to |
0.18 |
|
Acquisition earn out |
1 |
1 |
0.01 |
0.01 |
|||
Exit of Russian operations, net of tax |
14 |
14 |
0.20 |
0.20 |
|||
Fiscal Year 2022 - Adjusted Outlook |
$215 |
to |
$238 |
$3.00 |
to |
$3.30 |
|
Fiscal Year 2022 Outlook Reconciliation - Adjusted EBITDA |
|||
(in millions, except per share data) |
|||
Net earnings |
$187 |
to |
$210 |
Income tax provision |
40 |
to |
68 |
Earnings before income taxes |
$227 |
to |
$278 |
Interest expense |
151 |
to |
145 |
Amortization |
65 |
to |
60 |
Depreciation |
65 |
to |
60 |
EBITDA |
$508 |
to |
$543 |
Adjustments: |
|||
Integration costs |
17 |
to |
17 |
Acquisition earn out |
1 |
to |
1 |
Exit of Russian operation |
14 |
to |
14 |
Share-based payments |
20 |
to |
15 |
Adjusted EBITDA |
$560 |
to |
$590 |
SOURCE Energizer Holdings, Inc.
СЕНТ-ЛУИС, 9 мая 2022 года /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR) сегодня объявила результаты за второй финансовый квартал, закончившийся 31 марта 2022 года.
"Я хотел бы поблагодарить всех коллег Energizer по всему миру за их преданность делу проведения еще одного успешного квартала. Наши результаты превзошли ожидания благодаря успешной ценовой политике наших брендов и сильному органическому росту нашего бизнеса по уходу за автомобилями", - сказал Марк Лавин, главный исполнительный директор. "Благодаря мерам по ценообразованию и улучшению эффективности цепочки поставок мы продолжаем компенсировать инфляционное давление на стоимость и повышать скорость выхода на рынок. В результате мы повышаем наш прогноз по росту выручки в финансовом году, сохраняя при этом наш прогноз по скорректированной прибыли на акцию и EBITDA".
Высочайшая производительность
За квартал наш чистый объем продаж составил 685,4 миллиона долларов по сравнению с 685,1 миллиона долларов за аналогичный период прошлого года.
Second Quarter |
% Chg |
||
Net sales - FY'21 |
$ 685.1 |
||
Organic |
8.7 |
1.3% |
|
Change in Argentina |
1.4 |
0.2% |
|
Impact of currency |
(9.8) |
(1.5)% |
|
Net sales - FY'22 |
$ 685.4 |
—% |
_______________________________ |
1) See Press Release attachments and supplemental schedules for additional information, including the GAAP and Non-GAAP reconciliations. |
Валовая прибыль на отчетной основе составила 34,8% против 39,5% в предыдущем году. Без учета затрат текущего года на уход с российского рынка и затрат предыдущего года, связанных с приобретением и интеграцией, скорректированная валовая прибыль составила 34,9%, что на 560 базисных пунктов меньше, чем годом ранее.
Second Quarter |
||
Adjusted gross margin - FY'21 (1) |
40.5% |
|
Product cost impacts |
(8.6)% |
|
Pricing |
2.9% |
|
Currency impact and other |
0.1% |
|
Adjusted gross margin - FY'22 (1) |
34.9% |
Снижение валовой прибыли было в значительной степени обусловлено продолжающимся ростом операционных расходов, включая транспортные, материальные и трудовые, в соответствии с продолжающимися инфляционными тенденциями. Частично компенсируя это влияние на маржу, положительное влияние оказало повышение цен на аккумуляторы и автосервисы.
Коммерческие, общие и административные расходы (SG&A)
SG&A, без учета расходов текущего года, связанных с выездом из России, а также затрат на приобретение и интеграцию в предыдущем году, во втором квартале составили 17,2% от чистых продаж, или 117,6 млн долларов, по сравнению с 16,7%, или 114,1 млн долларов в предыдущем году. Рост был в первую очередь обусловлен увеличением расходов на ИТ, связанных с нашими инвестициями в цифровую трансформацию.(1)
Расходы на рекламу и продвижение (A&P)
A &P составил 2,9% от чистых продаж во втором финансовом квартале по сравнению с 4,0% в предыдущем году или снижением на 7,5 млн долларов из-за сроков запланированных расходов на текущий год.
Earnings Per Share and Adjusted EBITDA |
Second Quarter |
||
(In millions, except per share data) |
2022 |
2021 |
|
Net earnings/(loss) |
$ 19.0 |
$ (10.2) |
|
Diluted net earnings/(loss) per common share |
$ 0.27 |
$ (0.21) |
|
Adjusted net earnings(1) |
$ 33.3 |
$ 56.8 |
|
Adjusted diluted net earnings per common share(1) |
$ 0.47 |
$ 0.77 |
|
Adjusted EBITDA(1) |
$ 114.6 |
$ 147.6 |
Изменения Скорректированной EBITDA и Скорректированной разводненной чистой прибыли на одну обыкновенную акцию за квартал отражают более высокие затраты на ввод, которые привели к сокращению валовой прибыли за текущий период, и незначительно более высокие операционные расходы, частично компенсируемые более низкими расходами на A&P. Скорректированная разводненная чистая прибыль на одну обыкновенную акцию также выиграла от снижения процентных ставок и налогов в текущем квартале.
Продолжающийся возврат капитала
Финансовые перспективы и допущения на 2022 финансовый год(1)
Мы увеличиваем наш ранее озвученный прогноз чистых продаж на весь год до низкого однозначного роста, поскольку мы добились высоких показателей в первом полугодии и реализовали инициативы по ценообразованию по всему миру, что должно еще больше повысить продажи. Текущая операционная среда остается нестабильной, но в результате наших действий по ценообразованию и усилий по управлению затратами мы подтверждаем наши рекомендации по скорректированной прибыли на акцию в размере от 3,00 до 3,30 доллара США и скорректированной EBITDA в размере от 560 до 590 миллионов долларов.
Информация о веб-трансляции
В связи с этим объявлением Компания проведет телефонную конференцию с инвесторами, которая начнется сегодня в 10:00 утра по восточному времени. Звонок будет посвящен доходам за второй финансовый квартал и последним тенденциям в бизнесе. Все заинтересованные стороны могут получить доступ к прямой трансляции этой телефонной конференции по адресу www.energizerholdings.com , на вкладках "Инвесторы" и "Мероприятия и презентации" или по следующей ссылке:
https://app.webinar.net/D0QMBOalv1d
Для тех, кто не сможет принять участие во время прямой трансляции, повтор будет доступен на www.energizerholdings.com , на вкладках "Инвесторы", "События и презентации" и "Прошлые события".
Этот документ содержит как исторические, так и прогнозные заявления. Прогнозные заявления не основаны на исторических фактах, а вместо этого отражают наши ожидания, оценки или прогнозы относительно будущих результатов или событий, включая, помимо прочего, будущие продажи, валовую прибыль, затраты, прибыль, денежные потоки, налоговые ставки и результаты деятельности Компании, а также вступление Компании в ускоренная программа обратного выкупа акций. Эти утверждения обычно можно идентифицировать с помощью прогнозных слов или фраз, таких как "полагать", "ожидать", "ожидать", "предвидеть", "может", "мог бы", "намереваться", "убеждение", "оценка", "план", "цель, "прогнозировать", "вероятно", "следует", "прогноз", "прогноз" или другие подобные слова или фразы. Эти заявления не являются гарантией эффективности и по своей сути подвержены известным и неизвестным рискам, неопределенностям и допущениям, которые трудно предсказать и которые могут привести к тому, что наши фактические результаты будут существенно отличаться от тех, которые указаны в этих заявлениях. Мы не можем заверить вас в том, что какие-либо из наших ожиданий, оценок или прогнозов будут достигнуты. Заявления прогнозного характера, включенные в этот документ, сделаны только на дату этого документа, и мы отказываемся от каких-либо обязательств по публичному обновлению любого заявления прогнозного характера, чтобы отразить последующие события или обстоятельства. Многочисленные факторы могут привести к тому, что наши фактические результаты и события будут существенно отличаться от тех, которые выражены или подразумеваются в прогнозных заявлениях, включая, помимо прочего:
Кроме того, другие риски и неопределенности, которые в настоящее время нам неизвестны или которые мы считаем несущественными, могут повлиять на точность любых таких прогнозных заявлений. Приведенный выше список факторов является иллюстративным, но ни в коем случае не исчерпывающим. Все прогнозные заявления должны оцениваться с пониманием присущей им неопределенности. Дополнительные риски и неопределенности включают в себя те, которые время от времени подробно описываются в наших общедоступных документах, в том числе те, которые описаны в разделе "Факторы риска" в нашей Форме 10-K, поданной в Комиссию по ценным бумагам и биржам 16 ноября 2021 года.
Energizer Holdings, INC. |
|||||||
For the Quarter Ended |
For the Six Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net sales |
$ 685.4 |
$ 685.1 |
$ 1,531.7 |
$ 1,533.7 |
|||
Cost of products sold (1) |
447.0 |
414.6 |
981.7 |
925.3 |
|||
Gross profit |
238.4 |
270.5 |
550.0 |
608.4 |
|||
Selling, general and administrative expense (1) |
123.4 |
123.8 |
245.5 |
247.9 |
|||
Advertising and sales promotion expense |
19.6 |
27.1 |
71.3 |
76.7 |
|||
Research and development expense (1) |
7.9 |
9.0 |
16.8 |
16.6 |
|||
Amortization of intangible assets |
15.2 |
15.3 |
30.4 |
30.8 |
|||
Interest expense |
38.3 |
39.1 |
75.3 |
86.4 |
|||
Loss on extinguishment of debt (2) |
— |
70.0 |
— |
75.7 |
|||
Other items, net (1) |
6.0 |
(0.1) |
6.2 |
0.7 |
|||
Earnings/(loss) before income taxes |
28.0 |
(13.7) |
104.5 |
73.6 |
|||
Income tax provision/(benefit) |
9.0 |
(3.5) |
25.5 |
16.7 |
|||
Net earnings/(loss) |
19.0 |
(10.2) |
79.0 |
56.9 |
|||
Mandatory preferred stock dividends |
— |
(4.1) |
(4.0) |
(8.1) |
|||
Net earnings/(loss) attributable to common shareholders |
$ 19.0 |
$ (14.3) |
$ 75.0 |
$ 48.8 |
|||
Basic net earnings/(loss) per common share |
$ 0.27 |
$ (0.21) |
$ 1.09 |
$ 0.71 |
|||
Diluted net earnings(loss) per common share (3) |
$ 0.27 |
$ (0.21) |
$ 1.09 |
$ 0.71 |
|||
Weighted average shares of common stock - Basic |
70.4 |
68.4 |
68.6 |
68.5 |
|||
Weighted average shares of common stock - Diluted (3) |
71.6 |
68.4 |
69.0 |
68.8 |
(1) |
See the attached Supplemental Schedules - Non-GAAP Reconciliations, which break out the costs from exiting the Russian market and the Acquisition and integration related costs included within these lines. |
(2) |
The Loss on the extinguishment of debt for the quarter and six months ended March 31, 2021 related to the Company's term loan refinancing in December 2020 and the redemption of the $600.0 million Senior Notes due in 2027 in January 2021. |
(3) |
During the quarter ended March 31, 2022, the mandatory convertible preferred shares were converted to approximately 4.7 million common stock. For the quarter ended March 31, 2021 and for the six months ended March 31, 2022 and 2021, the conversion of the mandatory convertible preferred shares was anti-dilutive and the mandatory preferred stock dividends are included in the dilution calculation. |
Energizer Holdings, INC. |
|||
Assets |
March 31, |
September 30, |
|
Current assets |
|||
Cash and cash equivalents |
$ 213.2 |
$ 238.9 |
|
Trade receivables |
335.9 |
292.9 |
|
Inventories |
854.0 |
728.3 |
|
Other current assets |
190.9 |
179.4 |
|
Total current assets |
$ 1,594.0 |
$ 1,439.5 |
|
Property, plant and equipment, net |
386.2 |
382.9 |
|
Operating lease assets |
106.8 |
112.3 |
|
Goodwill |
1,048.5 |
1,053.8 |
|
Other intangible assets, net |
1,840.9 |
1,871.3 |
|
Deferred tax asset |
21.3 |
21.7 |
|
Other assets |
162.2 |
126.0 |
|
Total assets |
$ 5,159.9 |
$ 5,007.5 |
|
Liabilities and Shareholders' Equity |
|||
Current liabilities |
|||
Current maturities of long-term debt |
$ 12.0 |
$ 12.0 |
|
Current portion of capital leases |
2.0 |
2.3 |
|
Notes payable |
1.2 |
105.0 |
|
Accounts payable |
383.1 |
454.8 |
|
Current operating lease liabilities |
15.8 |
15.5 |
|
Other current liabilities |
324.4 |
356.8 |
|
Total current liabilities |
$ 738.5 |
$ 946.4 |
|
Long-term debt |
3,592.6 |
3,333.4 |
|
Operating lease liabilities |
96.2 |
102.3 |
|
Deferred tax liability |
102.1 |
91.3 |
|
Other liabilities |
169.2 |
178.4 |
|
Total liabilities |
$ 4,698.6 |
$ 4,651.8 |
|
Shareholders' equity |
|||
Common stock |
0.8 |
0.7 |
|
Mandatory convertible preferred stock |
— |
— |
|
Additional paid-in capital |
844.4 |
832.0 |
|
Retained earnings |
27.9 |
(5.0) |
|
Treasury stock |
(249.8) |
(241.6) |
|
Accumulated other comprehensive loss |
(162.0) |
(230.4) |
|
Total shareholders' equity |
$ 461.3 |
$ 355.7 |
|
Total liabilities and shareholders' equity |
$ 5,159.9 |
$ 5,007.5 |
Energizer Holdings, INC. |
|||
For the Six Months Ended March 31, |
|||
2022 |
2021 |
||
Cash Flow from Operating Activities |
|||
Net earnings |
$ 79.0 |
$ 56.9 |
|
Non-cash integration and restructuring charges |
3.0 |
3.5 |
|
Depreciation and amortization |
58.6 |
58.7 |
|
Deferred income taxes |
0.3 |
2.1 |
|
Share-based compensation expense |
6.4 |
9.4 |
|
Loss on extinguishment of debt |
— |
75.7 |
|
Non-cash charges for exiting the Russian market |
13.4 |
— |
|
Non-cash items included in income, net |
7.8 |
10.8 |
|
Other, net |
(3.7) |
(0.3) |
|
Changes in current assets and liabilities used in operations |
(273.5) |
(204.4) |
|
Net cash (used by)/from operating activities |
(108.7) |
12.4 |
|
Cash Flow from Investing Activities |
|||
Capital expenditures |
(45.9) |
(19.2) |
|
Proceeds from sale of assets |
0.1 |
0.1 |
|
Acquisitions, net of cash acquired and working capital settlements |
0.4 |
(67.1) |
|
Net cash used by investing activities |
(45.4) |
(86.2) |
|
Cash Flow from Financing Activities |
|||
Cash proceeds from issuance of debt with original maturities greater than 90 days |
300.0 |
1,200.0 |
|
Payments on debt with maturities greater than 90 days |
(7.2) |
(1,983.9) |
|
Net (decrease)/increase in debt with original maturities of 90 days or less |
(102.2) |
88.1 |
|
Premiums paid on extinguishment of debt |
— |
(122.5) |
|
Debt issuance costs |
(7.3) |
(17.7) |
|
Payment of contingent consideration |
— |
(3.9) |
|
Dividends paid on common stock |
(42.8) |
(43.3) |
|
Dividends paid on mandatory convertible preferred stock |
(8.0) |
(8.1) |
|
Common stock purchased |
— |
(21.3) |
|
Taxes paid for withheld share-based payments |
(2.3) |
(6.7) |
|
Net cash from/(used by) financing activities |
130.2 |
(919.3) |
|
Effect of exchange rate changes on cash |
(1.8) |
4.3 |
|
Net decrease in cash, cash equivalents, and restricted cash |
(25.7) |
(988.8) |
|
Cash, cash equivalents, and restricted cash, beginning of period |
238.9 |
1,249.8 |
|
Cash, cash equivalents, and restricted cash, end of period |
$ 213.2 |
$ 261.0 |
Energizer Holdings, INC. Сверка показателей GAAP и Показателей, не относящихся к GAAP, За Квартал и Шесть месяцев, Закончившихся 31 марта 2022 года
Компания отчитывается о своих финансовых результатах в соответствии с общепринятыми в США принципами бухгалтерского учета ("GAAP"). Однако руководство считает, что некоторые финансовые показатели, не относящиеся к GAAP, предоставляют пользователям дополнительные значимые сравнения с соответствующим историческим или будущим периодом. Эти финансовые показатели, не относящиеся к GAAP, исключают статьи, которые не отражают текущие операционные показатели Компании, такие как затраты на приобретение и интеграцию, прибыль от приобретения, затраты на уход с российского рынка и убытки от погашения долга. Кроме того, эти меры помогают инвесторам анализировать сопоставимость из года в год, исключая колебания валютных курсов, а также другие инициативы Компании, которые не продолжаются. Мы считаем, что эти финансовые показатели, не относящиеся к GAAP, являются улучшением, помогающим инвесторам понять наш бизнес и провести анализ в соответствии с финансовыми моделями, разработанными аналитиками-исследователями. Инвесторам следует рассматривать показатели, не относящиеся к GAAP, в дополнение к сопоставимым показателям GAAP, а не в качестве замены или превосходства над ними. Кроме того, эти показатели, не относящиеся к GAAP, могут отличаться от аналогичных показателей, используемых другими компаниями, из-за возможных различий в методах и корректируемых статьях.
Мы предоставляем следующие показатели и расчеты, не относящиеся к GAAP, а также соответствующую сверку с ближайшим показателем GAAP в следующих дополнительных таблицах:
Прибыль сегмента. Эта сумма представляет собой операции наших двух отчетных сегментов, включая ассигнования на общие вспомогательные функции. Общекорпоративные и прочие расходы, расходы на амортизацию, процентные расходы, убыток от погашения задолженности, прочие статьи, нетто, расходы, связанные с приобретением и интеграцией, включая расходы на реструктуризацию, прибыль от приобретения и затраты на выход с российского рынка, были исключены из прибыли сегмента.
Скорректированная Чистая Прибыль и Скорректированная Разводненная Чистая Прибыль на Одну Обыкновенную Акцию (EPS). Эти меры исключают влияние затрат, связанных с приобретением и интеграцией, доходом от приобретения, расходами на уход с российского рынка и убытками от погашения долга.
Налоговая ставка, Не соответствующая ОПБУ. Это налоговая ставка без учета доналогового воздействия затрат на приобретение и интеграцию, прибыли от приобретения, затрат на выход с российского рынка и убытков от погашения долга, а также соответствующего налогового воздействия по этим статьям, рассчитанного с использованием установленной законом ставки для того, где было произведено воздействие.
Органический. Это финансовая оценка изменения выручки или прибыли сегмента, не относящаяся к GAAP, которая исключает или иным образом корректирует изменение операций в Аргентине и влияние валюты в результате изменений обменных курсов иностранных валют, как определено ниже:
Изменения в операциях в Аргентине. Компания представляет отдельно все изменения в продажах и прибыли сегмента от нашего филиала в Аргентине в связи с обозначением экономики как сильно инфляционной по состоянию на 1 июля 2018 года.
Влияние валюты. Компания оценивает операционные показатели нашей Компании на валютно-нейтральной основе. Влияние валюты представляет собой разницу между стоимостью зарубежных операций текущего года по курсу доллара США на конец текущего периода по сравнению со стоимостью иностранных операций текущего года по курсу доллара США на конец предыдущего периода, а также влияние хеджирования на колебания валютных курсов.
Скорректированные Сравнения. Подробная информация о скорректированной валовой прибыли, скорректированной валовой марже, скорректированных SG&A, скорректированных SG&A в процентах от продаж и скорректированных других статьях, нетто, также является дополнительной информацией о показателях, не относящихся к GAAP. Эти меры исключают влияние затрат, связанных с приобретением и интеграцией, доходом от приобретения и расходами на уход с российского рынка.
Показатель EBITDA и скорректированный показатель EBITDA. Показатель EBITDA определяется как чистая прибыль до вычета резерва по налогу на прибыль, процентов, убытков от погашения задолженности и износа и амортизации. Скорректированный показатель EBITDA дополнительно исключает влияние затрат, связанных с приобретением и интеграцией, выручкой от приобретения, затратами на уход с российского рынка и выплатами на основе акций.
Energizer Holdings, Inc. Дополнительные графики - Информация о сегментах и Дополнительные Данные О Продажах За Квартал и Шесть месяцев, Закончившихся 31 марта 2022 года (В миллионах - Неаудировано)
По состоянию на 1 октября 2021 года Компания изменила свои отчетные сегменты с двух географических сегментов, ранее Американских и международных, на две группы продуктов: Battery & Lights и Auto Care. Это изменение произошло с завершением интеграции приобретения аккумуляторных батарей и автосервиса Spectrum Holdings, Inc. в первом финансовом квартале 2022 года. Компания изменила свою структуру отчетности, чтобы лучше отражать то, что рассматривает руководитель, принимающий операционные решения, для принятия организационных решений и распределения ресурсов. Компания изменила информацию за квартал и шесть месяцев, закончившихся 31 марта 2021 года, чтобы привести ее в соответствие с этой презентацией.
Операционная модель Energizer включает в себя комбинацию автономных и общих бизнес-функций между сегментами продуктов, различающихся в зависимости от страны и региона мира. Общие функции включают в себя функции продаж и маркетинга, а также общие расходы на персонал, ИТ и финансы. Energizer применяет принцип полного распределения затрат, при котором общие бизнес-функции распределяются между сегментами. Такие ассигнования являются оценочными и не отражают затраты на такие услуги, если они выполняются на самостоятельной основе. Продажи и прибыльность сегмента, а также сверка с прибылью до вычета налогов на прибыль за кварталы и шесть месяцев, закончившихся 31 марта 2022 и 2021 годов, соответственно, представлены ниже:
Quarters Ended March 31, |
Six Months Ended March 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net Sales |
|||||||
Batteries & Lights |
$ 516.5 |
$ 542.9 |
$ 1,256.7 |
$ 1,286.8 |
|||
Auto Care |
168.9 |
142.2 |
275.0 |
246.9 |
|||
Total net sales |
$ 685.4 |
$ 685.1 |
$ 1,531.7 |
$ 1,533.7 |
|||
Segment Profit |
|||||||
Batteries & Lights |
95.3 |
125.4 |
263.7 |
305.9 |
|||
Auto Care |
24.3 |
28.9 |
24.1 |
47.2 |
|||
Total segment profit |
$ 119.6 |
$ 154.3 |
$ 287.8 |
$ 353.1 |
|||
General corporate and other expenses (1) |
(25.6) |
(25.8) |
(47.3) |
(49.8) |
|||
Amortization of intangible assets |
(15.2) |
(15.3) |
(30.4) |
(30.8) |
|||
Acquisition and integration costs (2) |
— |
(16.8) |
(16.5) |
(35.1) |
|||
Acquisition earn out (3) |
— |
(1.1) |
(1.1) |
(1.1) |
|||
Loss on extinguishment of debt |
— |
(70.0) |
— |
(75.7) |
|||
Interest expense |
(38.3) |
(39.1) |
(75.3) |
(86.4) |
|||
Exit of Russian market (4) |
(14.0) |
— |
(14.0) |
— |
|||
Other items, net - Adjusted (5) |
1.5 |
0.1 |
1.3 |
(0.6) |
|||
Total earnings/(loss) before income taxes |
$ 28.0 |
$ (13.7) |
$ 104.5 |
$ 73.6 |
(1) |
Recorded in SG&A on the Consolidated (Condensed) Statement of Earnings. |
(2) |
See the Supplemental Schedules - Non-GAAP Reconciliations for the line items where these charges are recorded in the Consolidated (Condensed) Statement of Earnings. |
(3) |
This represents the earn out achieved through March 31, 2021 under the incentive agreements entered into with the fiscal 2021 acquisition of a formulations company, and is recorded in SG&A on the Consolidated (Condensed) Statement of Earnings. |
(4) |
These are the costs associated with the exit of the Russian market during the second quarter of fiscal 2022. See the Supplemental Non-GAAP reconciliation for the line items where these charges are recorded in the Consolidated (Condensed) Statement of Earnings. |
(5) |
See the Supplemental Non-GAAP reconciliation for the Other items, net reconciliation between the reported and adjusted balances. |
Дополнительная информация по сегментам представлена ниже в отношении износа и амортизации:
Energizer Holdings, Inc. |
|||||||
Quarters Ended March 31, |
Six Months Ended March 31, |
||||||
Depreciation and amortization |
2022 |
2021 |
2022 |
2021 |
|||
Batteries & Lights |
$ 11.7 |
$ 11.9 |
$ 23.9 |
$ 23.9 |
|||
Auto Care |
2.3 |
1.7 |
4.3 |
4.0 |
|||
Total segment depreciation and amortization |
$ 14.0 |
$ 13.6 |
$ 28.2 |
$ 27.9 |
|||
Amortization of intangible assets |
15.2 |
15.3 |
30.4 |
30.8 |
|||
Total depreciation and amortization |
$ 29.2 |
$ 28.9 |
$ 58.6 |
$ 58.7 |
Energizer Holdings, Inc. |
|||||||
The following tables provide a reconciliation of Net earnings and Diluted net earnings per common share to Adjusted net |
|||||||
For the Quarters Ended |
For the Six Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Net earnings/(loss) attributable to common shareholders |
$ 19.0 |
$ (14.3) |
$ 75.0 |
$ 48.8 |
|||
Mandatory preferred stock dividends |
— |
(4.1) |
(4.0) |
(8.1) |
|||
Net earnings/(loss) |
19.0 |
(10.2) |
79.0 |
56.9 |
|||
Pre-tax adjustments |
|||||||
Acquisition and integration (1) |
— |
16.8 |
16.5 |
35.1 |
|||
Acquisition earn out |
— |
1.1 |
1.1 |
1.1 |
|||
Loss on extinguishment of debt |
— |
70.0 |
— |
75.7 |
|||
Exit of Russian market (1) |
14.0 |
— |
14.0 |
— |
|||
Total adjustments, pre-tax |
$ 14.0 |
$ 87.9 |
$ 31.6 |
$ 111.9 |
|||
After tax adjustments |
|||||||
Acquisition and integration |
— |
12.9 |
13.0 |
27.3 |
|||
Acquisition earn out |
— |
0.8 |
0.8 |
0.8 |
|||
Loss on extinguishment of debt |
— |
53.3 |
— |
58.0 |
|||
Exit of Russian market (1) |
14.3 |
— |
14.3 |
— |
|||
Total adjustments, after tax |
$ 14.3 |
$ 67.0 |
$ 28.1 |
$ 86.1 |
|||
Adjusted net earnings (2) |
$ 33.3 |
$ 56.8 |
$ 107.1 |
$ 143.0 |
|||
Mandatory preferred stock dividends |
— |
(4.1) |
(4.0) |
(8.1) |
|||
Adjusted net earnings attributable to common shareholders |
$ 33.3 |
$ 52.7 |
$ 103.1 |
$ 134.9 |
|||
Diluted net earnings/(loss) per common share |
$ 0.27 |
$ (0.21) |
$ 1.09 |
$ 0.71 |
|||
Adjustments |
|||||||
Acquisition and integration |
— |
0.19 |
0.18 |
0.37 |
|||
Acquisition earn out |
— |
0.01 |
0.01 |
0.01 |
|||
Loss on extinguishment of debt |
— |
0.78 |
— |
0.79 |
|||
Exit of Russian market (1) |
0.20 |
— |
0.20 |
— |
|||
Impact for diluted share calculation (3) |
— |
— |
0.01 |
0.07 |
|||
Adjusted diluted net earnings per diluted common share (3) |
$ 0.47 |
$ 0.77 |
$ 1.49 |
$ 1.95 |
|||
Weighted average shares of common stock - Diluted |
71.6 |
68.4 |
69.0 |
68.8 |
|||
Adjusted Weighted average shares of common stock - Diluted (3) |
71.6 |
68.6 |
71.8 |
73.4 |
(1) |
See Supplemental Schedules - Non-GAAP Reconciliations for the line items where these costs are recorded on the unaudited Consolidated (Condensed) Statement of Earnings. |
(2) |
The effective tax rate for the Adjusted - Non-GAAP Earnings and Diluted EPS for the quarters ended March 31, 2022 and 2021 was 20.7% and 23.5%, respectively, and for the six months ended March 31, 2022 and 2021 was 21.3% and 22.9%, respectively, as calculated utilizing the statutory rate for where the costs were incurred. |
(3) |
During the quarter ended March 31, 2022, the mandatory convertible preferred shares were converted to approximately 4.7 million common stock. For the six months ended March 31, 2022, the full conversion was dilutive and the mandatory preferred stock dividends are excluded from net earnings in the Adjusted dilution calculation. |
За квартал, закончившийся 31 марта 2021 года, Скорректированные средневзвешенные акции с разводнением по обыкновенным акциям включают разводняющее влияние наших акций, находящихся в обращении, акций с ограниченной ответственностью и обязательных дивидендов по привилегированным акциям, поскольку они являются разводняющими для расчета. Конвертация обязательных конвертируемых привилегированных акций не привела к разводнению за квартал, закончившийся 31 марта 2021 года. За шесть месяцев, закончившихся 31 марта 2021 года, разводненная чистая прибыль на одну обыкновенную акцию предполагает конвертацию обязательных конвертируемых привилегированных акций в 4,6 миллиона обыкновенных акций и исключение обязательных дивидендов по привилегированным акциям из чистой прибыли.
Energizer Holdings, Inc. |
|||||||||||
Net sales |
Q1'22 |
% Chg |
Q2'22 |
% Chg |
Six Months |
% Chg |
|||||
Batteries & Lights |
|||||||||||
Net sales - prior year |
$ 743.9 |
$ 542.9 |
$ 1,286.8 |
||||||||
Organic |
(1.7) |
(0.2)% |
(18.9) |
(3.5)% |
$ (20.6) |
(1.6)% |
|||||
Change in Argentina |
2.4 |
0.3% |
1.4 |
0.3% |
$ 3.8 |
0.3% |
|||||
Impact of currency |
(4.4) |
(0.6)% |
(8.9) |
(1.7)% |
$ (13.3) |
(1.0)% |
|||||
Net sales - current year |
$ 740.2 |
(0.5)% |
$ 516.5 |
(4.9)% |
$ 1,256.7 |
(2.3)% |
|||||
Auto Care |
|||||||||||
Net sales - prior year |
$ 104.7 |
$ 142.2 |
$ 246.9 |
||||||||
Organic |
1.4 |
1.3% |
27.6 |
19.4% |
$ 29.0 |
11.7% |
|||||
Impact of currency |
— |
—% |
(0.9) |
(0.6)% |
$ (0.9) |
(0.3)% |
|||||
Net sales - current year |
$ 106.1 |
1.3% |
$ 168.9 |
18.8% |
$ 275.0 |
11.4% |
|||||
Total Net Sales |
|||||||||||
Net sales - prior year |
$ 848.6 |
$ 685.1 |
$ 1,533.7 |
||||||||
Organic |
(0.3) |
—% |
8.7 |
1.3% |
$ 8.4 |
0.5% |
|||||
Change in Argentina |
2.4 |
0.3% |
1.4 |
0.2% |
$ 3.8 |
0.2% |
|||||
Impact of currency |
(4.4) |
(0.6)% |
(9.8) |
(1.5)% |
$ (14.2) |
(0.8)% |
|||||
Net sales - current year |
$ 846.3 |
(0.3)% |
$ 685.4 |
—% |
$ 1,531.7 |
(0.1)% |
Energizer Holdings, Inc. |
|||||||||||
Segment profit |
Q1'22 |
% Chg |
Q2'22 |
% Chg |
Six Months |
% Chg |
|||||
Batteries & Lights |
|||||||||||
Segment profit - prior year |
$ 180.5 |
$ 125.4 |
$ 305.9 |
||||||||
Organic |
(15.9) |
(8.8)% |
(27.3) |
(21.8)% |
(43.2) |
(14.1)% |
|||||
Change in Argentina |
3.0 |
1.7% |
1.1 |
0.9% |
4.1 |
1.3% |
|||||
Impact of currency |
0.8 |
0.4% |
(3.9) |
(3.1)% |
(3.1) |
(1.0)% |
|||||
Segment profit - current year |
$ 168.4 |
(6.7)% |
$ 95.3 |
(24.0)% |
$ 263.7 |
(13.8)% |
|||||
Auto Care |
|||||||||||
Segment profit - prior year |
$ 18.3 |
$ 28.9 |
$ 47.2 |
||||||||
Organic |
(18.4) |
(100.5)% |
(4.0) |
(13.8)% |
(22.4) |
(47.5)% |
|||||
Impact of currency |
(0.1) |
(0.6)% |
(0.6) |
(2.1)% |
$ (0.7) |
(1.4)% |
|||||
Segment profit - current year |
$ (0.2) |
(101.1)% |
$ 24.3 |
(15.9)% |
$ 24.1 |
(48.9)% |
|||||
Total Segment Profit |
|||||||||||
Segment profit - prior year |
$ 198.8 |
$ 154.3 |
$ 353.1 |
||||||||
Organic |
(34.3) |
(17.3)% |
(31.3) |
(20.3)% |
(65.6) |
(18.6)% |
|||||
Change in Argentina |
3.0 |
1.5% |
1.1 |
0.7% |
4.1 |
1.2% |
|||||
Impact of currency |
0.7 |
0.4% |
(4.5) |
(2.9)% |
(3.8) |
(1.1)% |
|||||
Segment profit - current year |
$ 168.2 |
(15.4)% |
$ 119.6 |
(22.5)% |
$ 287.8 |
(18.5)% |
Energizer Holdings, Inc. |
|||||||||
Gross profit |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Net sales |
$ 846.3 |
$ 685.4 |
$ 848.6 |
$ 685.1 |
$ 1,531.7 |
$ 1,533.7 |
|||
Cost of products sold - adjusted |
528.7 |
446.3 |
503.0 |
407.3 |
975.0 |
910.3 |
|||
Adjusted Gross profit |
$ 317.6 |
$ 239.1 |
$ 345.6 |
$ 277.8 |
$ 556.7 |
$ 623.4 |
|||
Adjusted Gross margin |
37.5% |
34.9% |
40.7% |
40.5% |
36.3% |
40.6% |
|||
Acquisition and integration costs |
6.0 |
— |
7.7 |
7.3 |
6.0 |
15.0 |
|||
Exit of Russian market |
— |
0.7 |
— |
— |
0.7 |
— |
|||
Reported Cost of products sold |
534.7 |
447.0 |
510.7 |
414.6 |
981.7 |
925.3 |
|||
Gross profit |
$ 311.6 |
$ 238.4 |
$ 337.9 |
$ 270.5 |
$ 550.0 |
$ 608.4 |
|||
Gross margin |
36.8% |
34.8% |
39.8% |
39.5% |
35.9% |
39.7% |
|||
SG&A |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Segment SG&A |
$ 89.9 |
$ 92.0 |
$ 89.7 |
$ 88.3 |
$ 181.9 |
$ 178.0 |
|||
Corporate SG&A |
21.7 |
25.6 |
24.0 |
25.8 |
47.3 |
49.8 |
|||
SG&A Adjusted - subtotal |
$ 111.6 |
$ 117.6 |
$ 113.7 |
$ 114.1 |
$ 229.2 |
$ 227.8 |
|||
SG&A Adjusted % of Net sales |
13.2% |
17.2% |
13.4% |
16.7% |
15.0% |
14.9% |
|||
Acquisition and integration costs |
9.4 |
— |
10.4 |
8.6 |
9.4 |
19.0 |
|||
Acquisition earn out |
1.1 |
— |
— |
1.1 |
1.1 |
1.1 |
|||
Exit of Russian market |
— |
5.8 |
— |
— |
5.8 |
— |
|||
Reported SG&A |
$ 122.1 |
$ 123.4 |
$ 124.1 |
$ 123.8 |
$ 245.5 |
$ 247.9 |
|||
Reported SG&A % of Net sales |
14.4% |
18.0% |
14.6% |
18.1% |
16.0% |
16.2% |
|||
Other items, net |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Interest income |
$ (0.2) |
$ (0.3) |
$ (0.1) |
$ (0.2) |
$ (0.5) |
$ (0.3) |
|||
Foreign currency exchange loss |
1.3 |
(0.1) |
1.3 |
0.5 |
1.2 |
1.8 |
|||
Pension benefit other than service costs |
(1.1) |
(1.1) |
(0.5) |
(0.5) |
(2.2) |
(1.0) |
|||
Other |
0.2 |
— |
— |
0.1 |
0.2 |
0.1 |
|||
Other items, net - Adjusted |
$ 0.2 |
$ (1.5) |
$ 0.7 |
$ (0.1) |
$ (1.3) |
$ 0.6 |
|||
Exit of Russian market |
— |
7.5 |
— |
— |
7.5 |
— |
|||
Other |
— |
— |
0.1 |
— |
— |
0.1 |
|||
Total Other items, net |
$ 0.2 |
$ 6.0 |
$ 0.8 |
$ (0.1) |
$ 6.2 |
$ 0.7 |
|||
Acquisition and integration |
Q1'22 |
Q2'22 |
Q1'21 |
Q2'21 |
Q2'22 YTD |
Q2'21 YTD |
|||
Cost of products sold |
$ 6.0 |
$ — |
$ 7.7 |
$ 7.3 |
$ 6.0 |
$ 15.0 |
|||
SG&A |
9.4 |
— |
10.4 |
8.6 |
9.4 |
19.0 |
|||
Research and development |
1.1 |
— |
0.1 |
0.9 |
1.1 |
1.0 |
|||
Other items, net |
— |
— |
0.1 |
— |
— |
0.1 |
|||
Acquisition and integration related items |
$ 16.5 |
$ — |
$ 18.3 |
$ 16.8 |
$ 16.5 |
$ 35.1 |
Energizer Holdings, Inc. |
|||||||||||
Q2'22 |
Q1'22 |
Q4'21 |
Q3'21 |
LTM 03/31/22 (1) |
Q2'21 |
||||||
Net earnings/(loss) |
$ 19.0 |
$ 60.0 |
$ 83.2 |
$ 20.8 |
$ 183.0 |
$ (10.2) |
|||||
Income tax provision/(benefit) |
9.0 |
16.5 |
(26.2) |
2.8 |
2.1 |
(3.5) |
|||||
Earnings/(loss) before income taxes |
28.0 |
76.5 |
57.0 |
23.6 |
185.1 |
(13.7) |
|||||
Interest expense |
38.3 |
37.0 |
36.8 |
38.6 |
150.7 |
39.1 |
|||||
Loss on extinguishment of debt |
— |
— |
— |
27.6 |
27.6 |
70.0 |
|||||
Depreciation & Amortization |
29.2 |
29.4 |
29.8 |
30.0 |
118.4 |
28.9 |
|||||
EBITDA |
$ 95.5 |
$ 142.9 |
$ 123.6 |
$ 119.8 |
$ 481.8 |
$ 124.3 |
|||||
Adjustments: |
|||||||||||
Acquisition and integration costs |
— |
16.5 |
14.3 |
19.5 |
50.3 |
16.8 |
|||||
Exit of Russian market |
14.0 |
— |
— |
— |
14.0 |
— |
|||||
Acquisition earn out |
— |
1.1 |
1.1 |
1.2 |
3.4 |
1.1 |
|||||
Share-based payments |
5.1 |
1.3 |
(3.1) |
3.9 |
7.2 |
5.4 |
|||||
Adjusted EBITDA |
$ 114.6 |
$ 161.8 |
$ 135.9 |
$ 144.4 |
$ 556.7 |
$ 147.6 |
|||||
(1) LTM defined as the latest 12 months for the period ending March 31, 2022. |
Energizer Holdings, Inc. |
|||||||
Fiscal Year 2022 Outlook Reconciliation - Adjusted earnings and diluted net earnings per common share -(EPS) |
|||||||
(in millions, except per share data) |
Adjusted Net earnings |
Adjusted EPS |
|||||
Fiscal Year 2022 - GAAP Outlook |
$187 |
to |
$210 |
$2.61 |
to |
$2.91 |
|
Impacts: |
|||||||
Acquisition and integration costs, net of tax benefit |
13 |
to |
13 |
0.18 |
to |
0.18 |
|
Acquisition earn out |
1 |
1 |
0.01 |
0.01 |
|||
Exit of Russian operations, net of tax |
14 |
14 |
0.20 |
0.20 |
|||
Fiscal Year 2022 - Adjusted Outlook |
$215 |
to |
$238 |
$3.00 |
to |
$3.30 |
|
Fiscal Year 2022 Outlook Reconciliation - Adjusted EBITDA |
|||
(in millions, except per share data) |
|||
Net earnings |
$187 |
to |
$210 |
Income tax provision |
40 |
to |
68 |
Earnings before income taxes |
$227 |
to |
$278 |
Interest expense |
151 |
to |
145 |
Amortization |
65 |
to |
60 |
Depreciation |
65 |
to |
60 |
EBITDA |
$508 |
to |
$543 |
Adjustments: |
|||
Integration costs |
17 |
to |
17 |
Acquisition earn out |
1 |
to |
1 |
Exit of Russian operation |
14 |
to |
14 |
Share-based payments |
20 |
to |
15 |
Adjusted EBITDA |
$560 |
to |
$590 |
ИСТОЧНИК Energizer Holdings, Inc.
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